Comments on: Danger of 1004MC https://appraisersblogs.com/appraisal/danger-of-1004mc/ Appraisal News and Tips for Real Estate Appraisers Sun, 28 Jul 2024 05:08:50 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Dave https://appraisersblogs.com/appraisal/danger-of-1004mc/#comment-13420 Fri, 04 Mar 2016 04:06:32 +0000 http://appraisersblogs.com/?p=1121#comment-13420 In reply to Brian Kilner.

An appraisal report that addresses the requirements of USPAP and FNMA requires multiple trend studies and a reconciliation that acknowledges each study. Giving “zero weight” to the 1004MC data set and greater weight to those trend studies deemed germaine and reflective of the market does rise above the threshold of the guiding documents. Creating rules and regulations is the job of regulators. Distilling disparate information and a rationale reconciliation is what the Appraiser is paid to do.

]]> By: Brian Kilner https://appraisersblogs.com/appraisal/danger-of-1004mc/#comment-6382 Tue, 01 May 2012 22:18:01 +0000 http://appraisersblogs.com/?p=1121#comment-6382 I like your analysis. The 1004MC has many faults and is almost never a great indication of market movement in a market. Even when there is enough data median sales price has so many factors built into it that it doesn’t typically represent a “micro market” very well. I typically use a good sampling in the market and the price per square foot trends. Honestly the 1004MC should be filled out to the best of the ability of the appraiser and then present the statistics of the market in a different format to present the conclusions.

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